Market Interest Rates: Rising interest rates typically decrease the value of bond funds like FSCZX because newly issued bonds offer higher yields, making existing bonds less attractive.

Credit Quality of Holdings: Downgrades in the credit ratings of bonds held by the fund can negatively impact its price, as it indicates a higher risk of default.

Economic Conditions: Economic recessions or slowdowns can lead to increased credit risk and lower demand for corporate bonds, affecting the fund's performance.

Inflation Expectations: Higher inflation expectations often lead to rising interest rates, which, as mentioned, can depress bond prices.

Fund Management Strategy: The fund manager's decisions on asset allocation, duration management, and credit selection significantly influence the fund's returns and price.

Supply and Demand: Increased demand for the fund can drive up its price, while increased selling pressure can lower it.

Duration: A longer duration means the fund is more sensitive to interest rate changes. Higher duration can lead to more volatility and change the fund’s NAV.

Geopolitical Events: Unexpected geopolitical events can introduce uncertainty and volatility to financial markets, influencing investor sentiment and bond prices.

Liquidity: Lower liquidity for a bond means it's more difficult to sell quickly, thus affecting bond price, especially during times of stress.

Fund Size: Fund size can have a marginal impact. Very large funds may face some difficulty in executing trades without influencing bond prices.